Commercial Real Estate & Business News – April 24, 2024

Scottsdale-based Modus Cos. is going big in the build-to-rent space, to the tune of $425 million. The apartment developer is preparing to break ground on 1,030 build-to-rent units across the metro. High mortgage interest rates and a housing shortage are driving more people to…»

The April letter about triple-net lease from Northmarq’s Chris Lomuto shows, as he put it, a “mixed bag of results.” Top observation is that the average closing cap rate for the month ending March 31, 2024, was about 6.60%, or roughly 95 basis points up from the depths of July 2022. It’s also down nearly 20 basis…»

While the rest of the nation’s industrial market takes a breather, Phoenix has nearly 41.6 million square feet of active industrial construction projects, accounting for 10.9% of the national total, as revealed by LGE Design Build’s newly released Q2 Construction Delivery Outlook report. “In assessing the construction sector’s…»

If Kroger’s proposed $24.6 billion acquisition of Albertsons goes through, the transaction will create a big new player in Arizona’s supermarket business. C&S Wholesale Grocers, with no current supermarket operations in the state, overnight could emerge as a rival almost as large here as Kroger, which owns…»

Looking to increase tax revenue from car sales, Mesa is getting ready to sign off on a $14 million tax incentive for Berge Auto Group. City Council last week approved a notice of intent to enter into a retail development tax incentive with Berge to construct a 127-acre mixed-use development…»